New York Ramps Up Ocwen Probe

New York's top financial regulator is ramping up a probe of mortgage-servicing firm Ocwen Financial Corp., zeroing in on the company's use of a property auction site that he says may be driving up costs for mortgage investors and borrowers.

Benjamin Lawsky, superintendent of the New York Department of Financial Services, sent a letter to Ocwen on Monday seeking information about its relationship with Hubzu, which is used to auction...